China’s import-led trade growth continued in May with a 13% rise in exports on a year earlier (a touch below expectations) being outpaced by a 26% surge in imports. The latter will likely expand further as consumer goods tariffs are reduced in the coming weeks. Exports of high technology products is outpacing basics with PC parts shipments up 19% while apparel fell 6%. Shipments of steel and aluminum appear unaffected by America’s section 232 duties with a 19% and 16% increase respectively. Trade relations with the U.S. remain fraught and this data has done little to change that with ...